If you are a contractor that is required to obtain or renew a contractors license from the Arkansas State Licensing Board, you may need a compilation done by a CPA. A compilation consists of analytical procedures applied to financial statements and documentation provided by the client. Compilations are less extensive than an audit or a review.
Here at Byrd & Massey we work with General Contractors to meet the compilation requirements which include a signed CPA Report on letterhead, and a balance sheet (prepared in accordance with GAAP or on an Income Tax Basis (Accrual Method).